Spanish bank BBVA has no intention of increasing its offer for smaller rival Sabadell, Chairman Carlos Torres said today.
The current offer is "very attractive" and will convince Sabadell's shareholders, Torres said at a university alumni event held in Barcelona.
In April, BBVA launched a €12 billion bid for all Sabadell shares, which turned hostile in May. It was met by opposition from the Spanish government but was given the green light by the European Central Bank on September 5.
Under Spanish law, the government cannot stop the takeover bid but has the final word on allowing a merger between the two entities. The acquisition must also be authorised by Spain's stock market supervisor and its antitrust watchdog CNMC.
Torres does not anticipate opposition from CNMC. "We do not see this operation will have any competition problem," he said.
Sabadell's vice president Pedro Fontana, who was in the audience, declined to discuss Torres' comments.
Tthe head of Sabadell, Cesar Gonzalez-Bueno, said yesterday that the takeover's success was "very unlikely".
Asked about why the BBVA share price has fallen since the bid was launched, while Sabadell's has risen, Torres said the two shares are intertwined.
"Banco Sabadell's (share price) is very supported by the offer we have put on the table," he said.
